Coinbase Infuses Fresh Investment into Indian Crypto Exchange CoinDCX at $2.45B Valuation
Global crypto big Coinbase has made a contemporary funding in Indian crypto trade CoinDCX, increasing its footprint in India and the Middle East.
Announced Wednesday, Coinbase’s new funding is an extension of CoinDCX’s earlier fundraise and values CoinDCX at $2.45 billion post-money.
Last yr, CoinDCX expanded its services to the Middle East by buying BitOasis, a outstanding digital asset platform in MENA. Coinbase known as India and the Middle East “prime areas for crypto progress” attributable to high adoption, supportive regulation, and financial potential.
“This funding provides to our rising presence within the area and reinforces our perception that India and the Middle East are poised to assist form the longer term world on-chain economic system.”
Strengthening Regional Presence Amid Market Challenges
CoinDCX, based in 2018, now instructions a person base exceeding 20.4 million throughout India and the UAE. The platform reported property underneath custody surpassing $1.2 billion and transaction volumes totalling $ 165 billion.
The funding increase comes months after CoinDCX suffered a $44 million security breach in July. Coinbase has been a longstanding investor in CoinDCX since 2020.
“Their journey – together with overcoming challenges earlier this yr – has solely strengthened our conviction of their crew and platform,” Coinbase wrote in a press release.
Investment Boosts Innovation and Compliance in Crypto: CoinDCX Co-Founder
CoinDCX co-founder Sumit Gupta stated that the contemporary capital will speed up CoinDCX’s imaginative and prescient to launch new merchandise throughout Web3 ecosystem.
Further, the trade plans to enter new markets and reinforce regulatory compliance and safety requirements.
Gupta known as the funding “extra than simply capital,” including that “it’s a deep vote of confidence in our mission, method and crew.”
In an exclusive interview with Cryptonews early this yr, Gupta lauded India’s crypto progress, emphasizing that the nation wants “clear and well timed regulatory frameworks.”
“These markets are transferring shortly to combine crypto into their monetary techniques in a manner that helps each innovation and client safety,” Gupta added.
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